ECS3701 EXAM PACK Questions. Answers
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Page 1 ECS3701 EXAM PACK Questions. Answers Page 2 ECS301 [New ECS3701] SELECTED EXAMINATION QUESTIONS AND SUGGESTEDSOLUTIONS MAY/JUNE 2011 Part 1: Definition and functions of money (15 Marks) Answer all questions in part 1. 1.1 List and explain the three primary functions of money. (2) Medium of Exchange: money serves as a medium of exchange allowingit to be used as payment for goods and services. As such it promotes economic efficiency by reducing the time taken for transactions t...
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Page 1 ECS3701 EXAM PACK Questions. Answers Page 2 ECS301 [New ECS3701] SELECTED EXAMINATION QUESTIONS AND SUGGESTEDSOLUTIONS MAY/JUNE 2011 Part 1: Definition and functions of money (15 Marks) Answer all questions in part 1. 1.1 List and explain the three primary functions of money. (2) Medium of Exchange: money serves as a medium of exchange allowingit to be used as payment for goods and services. As such it promotes economic efficiency by reducing the time taken for transactions t...